According to the official press release, Binance will take care of the requirements of the platform while LCX will focus on legal, customer service, and Anti Money Laundering (AML) and Know Your Customer (KYC) issues.

Changpeng Zhao, Binance’s CEO & Founder, said, “I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike. I hope Binance LCX will drive new standards for usability and compliance for the blockchain industry, and we are very excited to bring the relevant experience and best practices to grow our team in Liechtenstein.”

Monty C. M. Metzger, LCX’s CEO, also said, “Professional investors need a reliable fiat channel to invest into crypto assets. We are excited to launch the joint-venture with Binance to establish new standards for the blockchain industry. “

Adrian Hasler, Liechtenstein’s Prime Minister, welcomed both the companies and said that blockchain technology will pave way for a new industry. Liechtenstein will also introduce the Blockchain Act in the future, which will ensure that blockchain companies are able to operate easily in the country.

J. Michael Arrington, TechCrunch’s founder and former co-editor, also tweeted about the launch on his official Twitter account.

Last month, Zhao said that Binance expects to make a profit of $500 million to $1 billion this year. Earlier in 2018, Binance had 2 million users but now the number has hit 10 million users.

In June 2018, Binance also signed a Memorandum of Understanding (MoU) with Digital Jersey to develop a crypto exchange in New Jersey. The same month, the exchange announced that it was planning to roll out the option of Euro trading pairs.

In March 2018, the exchange also opened an office in the blockchain island, Malta. Zhao explained, “Malta is very progressive when it comes to crypto and fintech.”